RismadarVoice Reporters
August 4, 2026
The Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced a Bureau De Change (BDC) operator, Dabo Malam Ardi, to two months’ imprisonment for engaging in illegal foreign exchange transactions.
Justice F. N. Ogazi handed down the sentence on Tuesday after Ardi pleaded guilty to a one-count charge brought against him by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
According to the charge, the defendant engaged in a foreign exchange transaction outside the official foreign exchange market, contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994, and punishable under Section 11(2) of the same Act.
Upon his arraignment, Ardi admitted to the offence.
Following the guilty plea, EFCC prosecution counsel, S. I. Suleiman, reviewed the facts of the case and urged the court to convict and sentence the defendant in accordance with the law.
Justice Ogazi subsequently found Ardi guilty and sentenced him to two months’ imprisonment, with an option of a fine of ₦80,000. The judgment reinforces ongoing efforts by the EFCC to curb illegal foreign exchange transactions and ensure compliance with Nigeria’s foreign exchange regulations.
